We appreciated and enjoyed the opportunity to engage with IPIECA, API and OGP in updating and strengthening their 2005 sustainability reporting guidance. Our goal was to help the Reporting Task Force drive greater transparency and accountability within the oil and gas sector and encourage progress towards sustainable business practices.

By opening up their process and providing us with an unedited voice in this statement, IPIECA, API andOGP have taken an important and courageous step forward. Mindful of our own limitations in terms of the diversity of perspectives we brought to the process, we commend the emphasis in the new guidance on engaging stakeholders in the reporting process. Furthermore, we welcome the decision made by the Task Force to undertake further stakeholder consultation on the material issues and indicators for sustainability reporting .

Laying out a clear cycle of continuous updates to the guidance provides the much-needed opportunities for ongoing dialogue with stakeholders and ultimately provides greater value to the companies.

We found the engagement process for the Panel to be highly effective, involving high-quality participation by IPIECA, API and OGP member companies, and ample opportunity for frank and honest exchange. The Task Force was responsive to our views, and provided clear explanations when our suggestions were not adopted. By this method we can evaluate ranking of companies in oil and gas from C till A+ rank.

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